More than 90% of retirement plans that have been formed in recent years have been defined contribution plans, with the overwhelming majority of those plans set up by small employers, according to a new Government Accountability Office report.
Of all new retirement plans formed between 2009 and 2011, 93% were DC plans, and just 7% were defined benefit plans, the GAO reported.
Of the new plans formed, 79% were small DC plans with fewer than 100 participants, the GAO said in its report released Monday.
Of those new small DC plans, 26% were sponsored by four kinds of professional organizations: doctors' offices, dentists' offices, lawyers' offices and other non-categorized providers of professional services, the GAO said.
Jerry Geisel writes for Business Insurance, a sister publication of Pensions & Investments.